The British Columbia Property Tax Deferment Program is a loan program that allows you to defer your annual property taxes on your home if you meet certain eligibility criteria.
Please note that municipalities are no longer responsible for accepting deferment applications and renewals.
Starting May 2020, British Columbia residential property owners can apply for property tax deferment on their principal residence online, quickly and easily. And for the first time, owners can choose to auto renew their application. For more information on the Provincial Tax Deferment Programs, visit www.gov.bc.ca/propertytaxdeferment. Please note a 10 per cent penalty will apply if your deferment application or renewal is not approved or if you sell your property or cancel your application before the taxes are paid on your behalf.
To qualify for the Property Tax Deferment Program, you must:
be the registered owner(s) of the home
be 55 years of age or older OR a surviving spouse OR a person with disabilities as defined in the Regulations to the Land Tax Deferment Act
be a Canadian citizen or permanent resident under the Immigration Act (Canada)
have lived in British Columbia for at least one year immediately prior to applying
apply on the home in which you live
have a minimum equity of 25% in your home, based on assessed values as determined by BC Assessment
have a current fire insurance policy on your home
For more information, visit this website or contact the Finance Department at 250-414-7107.